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Difference Between Office Supplies & Expenses for Tax Purposes
Individuals who own and operate a sole proprietorship must keep detailed records to accurately report expenses on their income tax return. When preparing your income tax return, you must use Form 1040 Schedule C to report the financial activity of your business. Schedule C breaks down your income and expenses and helps to determine whether your business made a profit or had a loss during the tax year. Knowing the difference between office supplies and office expenses is essential to prepare an accurate return.